Mortgage lenders cast doubt on George Osborne’s plan to fire up the housing
market yesterday while the Treasury struggled to explain how the scheme
would work.

Lenders said that costs involved in administering the Chancellor’s blueprint
to help to underwrite £130 billion worth of mortgages could mean it fails to
get off the ground.

The Council of Mortgage Lenders (CML) and the main UK lenders have been in
discussions with the Treasury and Cabinet Office for months about how the
scheme might be structured but have failed to agree details.